Connect with us

Published

on

Black Friday bargain hunters shattered online shopping records, with nearly $10 billion spent online as consumers desperate for deals largely opted to avoid chaotic crowds.

Buyers spent a record $9.8 billion online Friday, up 7.5 percent from $9.12 billion the day after Thanksgiving 2022, according to Adobe Analytics, which analyzes e-commerce transactions.

Electronics like smart watches, televisions and Bluetooth headphones were hot ticket items.

Other favorites were Barbie Fashionistas dolls, Mini Brands toys, cordless and robot vacuums, cookware, skincare and coffee makers. 

While consumers are breaking records, they are not looking to break the bank with inflation fears at a 12-year high and average goods and services still far pricier than in recent years.

In the past week, 72% more shoppers used “buy now, pay later” flexible payment options, like Klarna and Afterpay, than the week prior, Adobe reported. 

Smarter shopping trends include cross checking prices on apps and websites to get the best value,said Mastercard senior advisor Steve Sadove.

On Thanksgiving day, shoppers gobbled up $5.6?billion in online goods, breaking the record for Turkey Day and paving the way for Black Friday.

Adobe reported that e-commerce prices have fallen over the last 14 months.

The decline in online prices over the last year has created a favorable environment for consumers with strong discounts this season that are tempting even the most price conscious consumers,” said Vivek Pandya, lead analyst of Adobe Digital Insights.

The e-commerce platformShopify reported a record $4.1 billionin sales for the merchants worldwide that use its services, up 22% from last year.

New York, Los Angeles and San Francisco were the top selling US cities for online shoppers buying from companies that use Shopify. Noon was the busiest time for them and average carts totaled $124. Most of the purchases were made on mobile devices.

Multiple sporting events aired on Friday,including the first-ever NFL Black Friday game —a disheartening loss for the Jets— on Amazon Prime Video, giving patrons yet another reason to participate from the couch.

In-store sales crept up just 1.1% over last year, according to the Mastercard SpendingPulse report, which measures in-store and online sales across all forms of payment. Clothing and jewelry topped wish lists, the report said.

Reports noted that crowds at malls were subdued, but Macys and Walmart executives did notice more traffic than last year.

It has started out well, but its too early to call, Macys CEO Jeff Gennette told the Wall Street Journal. Just because you have a great Black Friday doesnt mean you have a great holiday season.

Retailers slashed seasonal hiring, ordered fewer goods for this holiday season and pushed sales in October and November, reducing the incentive to head to the malls on Black Friday.

The early sales enabled shoppers to spread out spending, yet many are expected to wait until the last minute for the best deals possible, experts note.

And it could pay off — stores will likely discount throughout the season to avoid getting stuck with extra inventory after the holidays.

Consumers are resisting impulse buys and splurges as savings dwindle, credit card debt grows and inflation and high interest rates persist.

Prices were up 18.2% in October this year compared to October 2020, according to the inflation figures.

Shoppers in the Big Apple opted for affordability over luxury on Black Friday, The Post reported.

People are more value conscious, said Barbara Kahn, a professor at The Wharton School at University of Pennsylvania. People are spending, but theyre spending more conservatively.

Despite the record spending to start the season, holiday spending in the US is expected to rise at the slowest pace in five years.

Shoppers have an average budget of $875 for holiday purchases, $42 more than last year.

Clothes, gift cards and toys at the top of most shopping lists, according to a survey by the National Retail Federation

Adobe expects Cyber Week — Thanksgiving to Cyber Monday — to generate?$37.2 billion online, up?5.4% from last year and representing 16.8% of the whole holiday?season.

Cyber Monday is expected to remain the?seasons and years?biggest online shopping day, with spending of $12 billion forecast, up 6.1% from 2022.

With Post Wires

Continue Reading

Business

Inflation jumps to 3.6% on fuel and food price pressures

Published

on

By

Inflation jumps to 3.6% on fuel and food price pressures

The rate of inflation has risen by more than expected on the back of fuel and food price pressures, according to official figures which have prompted accusations of an own goal for the chancellor.

The Office for National Statistics (ONS) reported a 3.6% level for the 12 months to June – a pace not seen since January last year.

That was up from the 3.4% rate seen the previous month. Economists had expected no change.

Money latest: What do inflation figures mean for rate cut prospects?

ONS acting chief economist Richard Heys said: “Inflation ticked up in June driven mainly by motor fuel prices which fell only slightly, compared with a much larger decrease at this time last year.

“Food price inflation has increased for the third consecutive month to its highest annual rate since February of last year. However, it remains well below the peak seen in early 2023.”

A key driver of food inflation has been meat prices.

More from Money

Beef, in particular, has shot up in cost – by more than 30% over the past year – according to Association of Independent Meat Suppliers data reported by FarmingUK.

Image:
Beef has seen the biggest percentage increase in meat costs. Pic: PA

High global demand alongside raised production costs have been blamed.

But Kris Hamer, director of insight at the British Retail Consortium, said: “While inflation has risen steadily over the last year, food inflation has seen a much more pronounced increase.

“Despite fierce competition between retailers, the ongoing impact of the last budget and poor harvests caused by the extreme weather have resulted in prices for consumers rising.”

It marked a clear claim that tax rises imposed on employers by Rachel Reeves from April have helped stoke inflation.

Balwinder Dhoot, director of sustainability and growth at the Food and Drink Federation, said: “The pressure on food and drink manufacturers continues to build. With many key ingredients like chocolate, butter, coffee, beef, and lamb, climbing in price – alongside high energy and labour expenses – these rising costs are gradually making their way into the prices shoppers pay at the tills.”

Chancellor Rachel Reeves said of the data: “I know working people are still struggling with the cost of living. That is why we have already taken action by increasing the national minimum wage for three million workers, rolling out free breakfast clubs in every primary school and extending the £3 bus fare cap.

“But there is more to do and I’m determined we deliver on our Plan for Change to put more money into people’s pockets.”

The wider ONS data is a timely reminder of the squeeze on living standards still being felt by many households – largely since the end of the COVID pandemic and subsequent energy-driven cost of living crisis.

Record rental costs alongside elevated borrowing costs – the latter a result of the Bank of England’s action to help keep a lid on inflation – have added to the burden on family budgets.

Please use Chrome browser for a more accessible video player

Is the cost of living crisis over?

Most are still reeling from the effects of high energy bills.

The cost of gas and electricity is among the reasons why the pace of price growth for many goods and services remains above a level the Bank would ideally like to see.

Added to that is the toll placed on finances by wider hikes to bills. April saw those for water, council tax and many other essentials rise at an inflation-busting rate.

The inflation figures, along with employment data due tomorrow, are the last before the Bank of England is due to make its next interest rate decision on 7 August.

The vast majority of financial market participants, and many economists, expect a quarter point cut to 4%.

That forecast is largely based on the fact that wider economic data is suggesting a slowdown in both economic growth and the labour market – twin headaches for a chancellor gunning for growth and juggling hugely squeezed public finances.

Read more from Sky News:
Chancellor considering ‘changes’ to ISAs
Most important part of Reeves’s speech was what wasn’t said
HMRC doesn’t know how many billionaires pay tax in the UK

Professor Joe Nellis, economic adviser at the advisory firm MHA, said of the ONS data: “This is a reminder that while price rises have slowed from the highs of 2021-23, the battle against inflation is far from over and there is no return to normality yet – especially for many households who are still feeling the squeeze on essentials such as food, energy, and services.

“However, while the Bank of England is expected to take a cautious approach to interest rate policy, we still expect a cut in interest rates when the Monetary Policy Committee next votes on 7th August.

“Despite inflation at 3.6% remaining above the official 2% target, a softening labour market – slowing wage growth and decreasing job vacancies – means that the MPC will predict inflation to begin falling as we head into the new year, justifying the lowering of interest rates.”

Continue Reading

Politics

Who will take the fall for the Afghan cover-up?

Published

on

By

Who will take the fall for the Afghan cover-up?

👉Listen to Politics at Sam and Anne’s on your podcast app👈 

Now details of the enormous accidental data breach by a British soldier that put thousands of Afghans’ lives at risk can be discussed publicly – Sam and Anne try to address some of the biggest questions on this episode.

They include:

Why did the government break the glass on using a superinjunction?

Has anyone been sacked?

Why did the Labour government keep the superinjunction in place for so long?

There’s still a bit of time to go over Rachel Reeves’ Mansion House speech. Did it reassure financiers and investors?

Continue Reading

World

‘My family is finished’: Afghan man in UK military data breach says he feels betrayed

Published

on

By

'My family is finished': Afghan man in UK military data breach says he feels betrayed

An Afghan man who worked for the British military has told Sky News he feels betrayed and has “completely lost (his) mind” after his identity was part of a massive data breach.

He told The World with Yalda Hakim about the moment he discovered he was among thousands of Afghans whose personal details were revealed, putting him at risk of reprisals from the Taliban.

The man, who spoke anonymously to Sky News from Afghanistan, says he worked with British forces for more than 10 years.

But now, he regrets working alongside those troops, who were first deployed to Afghanistan in 2001.

Please use Chrome browser for a more accessible video player

Afghans being relocated after data breach

“I have done everything for the British forces … I regret that – why (did) I put my family in danger because of that? Is this is justice?

“We work for them, for [the] British, we help them. So now we are left behind, right now. And from today, I don’t know about my future.”

He described receiving an email warning him that his details had been revealed.

He said: “When I saw this one story… I completely lost my mind. I just thought… about my future… my family’s.

“I’ve got two kids. All my family are… in danger. Right now… I’m just completely lost.”

👉 Listen to Sky News Daily on your podcast app 👈

The mistake by the Ministry of Defence in early 2022 ranks among the worst security breaches in modern British history because of the cost and risk posed to the lives of thousands of Afghans.

On Tuesday, a court order – preventing the media reporting details of a secret relocation programme – was lifted.

Read more from Sky News:
Minister defends handling of breach
The struggle for equality in Afghanistan
Afghan women throw babies to troops

British soldiers wait to be transported to a base in the provincial capital Lashkar Gar in Camp Bastion, Helmand, February 5, 2010. REUTERS/Baris Atayman (AFGHANISTAN - Tags: MILITARY POLITICS CONFLICT)
Image:
Reuters file pic

Defence Secretary John Healey said about 6,900 Afghans and their family members have been relocated or were on their way to the UK under the previously secret scheme.

He said no one else from Afghanistan would be offered asylum, after a government review found little evidence of intent from the Taliban to seek retribution.

But the anonymous Afghan man who spoke to Sky News disputed this. He claimed the Taliban, who returned to power in 2021, were actively seeking people who worked with British forces.

“My family is finished,” he said. “I request… kindly request from the British government… the King… please evacuate us.

“Maybe tomorrow we will not be anymore. Please, please help us.”

Continue Reading

Trending